Sokipiriye Dokubo
The cryptocurrency market experienced a minor downturn over the weekend, with the global market cap decreasing to $2.48 trillion. This correction could be attributed to elevated inflation figures in the US and escalating tensions between Iran and Israel on the global stage.
Nevertheless, there’s potential for a market resurgence, especially with Bitcoin’s (BTC) halving event looming. Let’s delve into three noteworthy cryptocurrencies to keep an eye on this week.
Top 3 Cryptocurrencies for This Week:
Bitcoin (BTC):
Bitcoin (BTC) Pre-Halving $100,000 Ambition Faces Challenges: Insights
As the reigning market leader, Bitcoin (BTC) sets the tone for other assets. BTC has experienced a 6.2% decline in the weekly charts, with its price hovering just above $65k. However, BTC is gearing up for its next halving cycle later this month, a factor many view as bullish due to its impact on reducing asset supply. There’s potential for BTC to bounce back from its current downturn and reclaim its all-time high of $73,737, reached in March this year.
Moreover, a potential easing of US inflation could drive further price appreciation. The recent hostilities between Iran and Israel have added strain to global economics; however, a resolution to the conflict could expedite market recovery.
Toncoin (TON):
While other assets experienced a price correction, TON continued its upward trajectory. The cryptocurrency has surged by 16.4% in the daily charts and nearly 31% in the weekly charts, surpassing Dogecoin (DOGE) to become the 9th largest cryptocurrency by market cap.
TON’s recent rally could be attributed to positive developments within its ecosystem. The asset might sustain its upward momentum over the coming weeks, particularly with BTC’s halving event on the horizon.
dogwifhat (WIF):
WIF is another cryptocurrency that saw significant gains in the past 24 hours. This popular memecoin has surged by 14.3% in the daily charts and 20.2% over the past month. However, it has experienced a 17.8% decline in the weekly charts and over 30% in the 14-day charts.
According to CoinCodex, WIF is projected to continue its rally over the next few weeks, potentially reaching $5.48 by May 1, 2024.